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Reuters reports that shares of Avalon Rare Metals (TSE:AVL) were up more than 9 percent after Mackie Research initiated coverage on the rare earth exploration company with a “speculative buy” rating.
Reuters reports that shares of Avalon Rare Metals (TSX:AVL) were up more than 9 percent after Mackie Research initiated coverage on the rare earth exploration company with a “speculative buy” rating.
The market news is quoted as saying:
Mackie Research analyst Matt Gowing said he sees Avalon as undervalued and set a C$10.50 target price for its shares.
They hit a year high of C$8.29 on the Toronto Stock Exchange on Thursday before retreating to C$8.11. They have risen more than 140 percent in the past six months.